Automotive major Volkswagen’s consortium is in advanced talks to purchase French car rental company Europcar in a deal valued at around €2bn ($3bn). The potential offer is set at about €0.50 ($0.59) per share. At the end of June, Europcar’s hedge fund owners rejected an offer of €0.44 ($0.52) per share put forward by Volkswagen and investors Attestor and Pon Holdings. Europcar said that the same group of investors was behind the new proposal and added, “There is no certainty as to the outcome of these discussions and the company will keep the market informed promptly”. A conclusion might be announced on Wednesday if an agreement in principal is found. The meeting between the boards was due to be held separately. Volkswagen, that owned Europcar in the past, sold the rental company in 2006 to French investor Eurazeo for €3.3bn ($3.9bn).
Volkswagen´s USD bonds were stable with its 4.625 2025s trading at 113.912, yielding 1.28% and its EUR 4.625% 2049s Perps trading at 110.458, yielding 2.16%.
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